Question :
Amount paid for sports material during the year is Rs.20,000, Stock of sports material at the beginning and end of the year are Rs.3,300 and Rs.2,900 respectively. Creditors for sports material at the beginning and end of the year are Rs.5,000 and Rs.4,000 respectively. The amount to be shown in Income and Expenditure A/c will be:
Option 1: Rs.20,400
Option 2: Rs.19,400
Option 3: Rs.18,600
Option 4: Rs.22,600
Answer (1)
21st Jan, 2024
Correct Answer: Rs.19,400
Solution : Sports material consumed = Amount paid - Closing stock + Opening stock - Opening creditors + Closing creditors = Rs.20,000 - Rs.2,900 + Rs.3,300 - Rs.5,000 + Rs.4,000 = Rs.19,400. Hence, the correct option is 2.
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